Discovery has announced the launch of Discovery Business Insurance – a new type of shared value insurance designed to cater for small and medium businesses.
The financial services firm noted that businesses currently face a range of complex and often intangible risks, driven by the pace of technological change.
“Businesses continue to face physical risks such as property damage, but emerging risks such as reputational damage in a social media era are also increasingly becoming a significant cost to businesses,” it said.
“Discovery was founded in 1992 in the health insurance sector with the clear purpose of making people healthier and enhancing and protecting their lives, and has evolved into a sophisticated shared value business model that has expanded into life insurance, investments, and short-term insurance,” said Discovery chief executive Adrian Gore.
“The various applications of our Vitality Shared Value Insurance model in 19 countries around the world have provided us with unique insights that we are now applying across the South African business environment.”
Discovery Business Insurance will offer clients benefits across property, accident, motor and other business liability claims, through Discovery Insure.
To help entrepreneurs and management teams assess the health of their businesses, clients will have access to a business diagnostic tool that provides actionable insights and recommendations for SMEs as well as access to preferential rates from a collection of service providers including Amazon Web Services for IT solutions and the Gordon Institute of Business Science (GIBS) to provide talent and skills development programmes.
Endeavor aims to catalyse long-term economic growth by selecting, mentoring, and accelerating high-growth companies that are ready to scale locally and globally, Discovery said.
“Endeavor inherently aligns with Discovery’s shared value insurance model, which is focused on building better businesses. Better businesses drive economic growth and job creation,” said Catherine Townshend, MD of Endeavor South Africa.
“In partnering with Discovery we can leverage our global insights and methodologies to reach and support a wide range of businesses and help them to thrive.”